Cardinal Group and TPG Real Estate Acquire Arcadia Student Living, a 765-bed Student Housing Community in Charlotte, North Carolina
DENVER, CO – June 13, 2022 – Cardinal Group Companies (“Cardinal Group”) and TPG Real Estate Partners (“TREP”), the dedicated real estate equity investment platform of global alternative asset firm TPG, announced today that they have closed on their acquisition of Arcadia Student Living, a 765-bed student housing community in Charlotte, North Carolina. The transaction represents the fourteenth investment by TREP and Cardinal as part of a strategy to source and acquire high-quality student housing portfolios.
Arcadia Student Living is a purpose-built student housing community serving students attending The University of North Carolina – Charlotte. Built in 2015, the community is conveniently located one mile from campus and provides an easy commute via bike or community shuttle to campus. The 205-unit community includes several luxury amenities: a resort-style pool with poolside grills, an upscale fitness center including a steam room and sauna, a resort-style clubhouse with entertaining areas, study rooms, and a computer lab.
“Cardinal Group is excited to add Arcadia Student Living to its venture with TREP as we look to grow our relationship through strategic student housing acquisitions. The community presents an opportunity to expand our footprint in the Charlotte market and tap into North Carolina’s explosive growth,” said Andrew Dewispelaere, Acquisition Associate, Cardinal Group. “The stunning architecture and site design make this community stand out in the market, and we’ve seen this demonstrated through its strong performance to date. By leveraging Cardinal Group’s operating platform and impactful capital improvement projects, we are confident the community will achieve its full potential as one of the premier properties in the market.”
Cardinal Group and TREP plan to boost the community’s offerings through unit upgrades and refreshes to the common areas and amenities. Community upgrades will include pool and courtyard improvements, with the addition of a site for outdoor games and firepits. The fitness center will also be refreshed with new equipment and flooring and enhancements to the study room.
Peter Katz with Institutional Property Advisors (IPA) brokered the transaction, and CBRE’s capital markets team advised on the debt for the acquisition.
The property will be managed by Cardinal Group Management, with value-add construction management provided by Cardinal Group Construction.
About Cardinal Group Companies
Cardinal Group Companies (“CGC”) is a fully integrated real estate management, investment, construction, consulting, and marketing firm focused on multifamily and student housing throughout the country. Headquartered in Denver, Colorado, CGC affiliate companies are all firmly built atop the company’s “Cardinal Culture.” Since 2007, CGC has been operating successful partnerships, focused on creating efficiency and above market performance via their commitment to challenging the status quo of the industry. To date, Cardinal Group Companies has developed several best-in-class initiatives, which have earned the company national recognition year after year. Cardinal Group Companies’ management platform oversees over 40,000 units nationwide including 11,000 conventional and affordable housing units and over 90,000 student housing beds across the U.S., including Cardinal Group, Companies’ owned portfolio and third-party managed properties.
To learn more about Cardinal Group Companies, please visit www.CardinalGroup.com.
About TPG Real Estate Partners
TPG Real Estate Partners (“TREP”) is the dedicated real estate equity investment platform of global alternative asset firm TPG. Today, TREP has $10.5 billion of assets under management. Since its inception in 2009, TREP has built a differentiated investment portfolio comprised primarily of real estate-rich platforms and portfolios located in the United States and Europe. TPG was founded in 1992 and now has approximately $109 billion of assets under management with investment and operational teams in 12 offices around the world.
For more information, please visit www.tpg.com.
Leslie Shribman and Courtney Power